This course is a time-saving tool that will help you get ready to file Forms 1042/1042-S. Recent changes in the law have made Forms 1042/1042-S filing requirements ever more complex. The cost to your organization can be significant if your team does not have the proper knowledge to handle these matters. 

In this course, Laura Tshilumba will guide you into identifying some of the more common problems related to documenting, validating, and reporting payee information using IRS Forms 1042/1042-S, while offering solutions and best practices for addressing related reporting issues.

You will learn best practices for validating forms W-8 and 8233 and avoiding reporting and withholding errors. We’ll review how to handle W-8 payee requests for treaty benefits, reduced withholding, and related 1042-S reporting. You cannot afford to miss this course if you prepare, review, and/or file Form 1042 for your organization or clients.

Learning Objectives:

• Determine who is subject to Form 1042 reporting


• Outline the tax profile of the payment recipient for payment classification and reporting


• Identify red flags when reviewing payee tax status and their withholding certificates (W-8BEN, W-8BEN-E, W-8ECI, W-8IMY, W-8EXP, 8233, etc.)


• Define the sourcing rules of the different types of payments to non-U.S. recipients 


• Recall a basic understanding of 1042 withholding deposit rules